Problem based on voting common stock, Accounting Basics

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Problem based on voting common stock

Norek Corp. owned 70% of the voting common stock of Thelma Co. On January 2, 2006, Thelma sold a parcel of land to Norek. The land had a book value of $32,000 and was sold to Norek for $45,000. Thelma's reported net income for 2006 was $119,000. What is the noncontrolling interest's share of Thelma's net income?

a) $35,700

b) $31,800

c) $39,600

d) $26,100

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Accounting Basics: Problem based on voting common stock

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Accounting Basics: Problem based on voting common stock

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Recent Questions Asked Accounting Basics

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Accounting Basics: Problem based on voting common stock

Reference No:- TGS081471

Recent Questions Asked Accounting Basics

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